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我国企业海外并购演变趋势原因及启示研究

时间:2020-04-02 08:59来源:毕业论文
企业自身经济实力增强及需求的改变和目标国政策变化促进并购区位的选择改变;产业结构调整、国内资源供需不平衡以及顺应科技发展的要求引起并购行业选择变化

摘要近年来,我国经济快速发展,对外直接投资金额从1995年的20亿美元增长至2014年的1028.9亿美元,总体呈上升趋势。伴随着我国经济的发展,越来越多的企业踏上海外并购的道路,使得海外并购成为我国对外直接投资的主要方式,与此同时也发生了相应的变化。因此,本文将从并购主体、规模、区位、行业四个维度出发,比较近十年(2005年至2014年)与上一个十年(1995年至2004年)我国海外并购的变化,突显海外并购发展的新趋势。例:并购主体多元化;交易金额和规模不断扩大;并购市场选择上出现新趋势;并购标的遍布各大领域。并且有针对性的分析产生这些变化趋势的原因:例如,国企改制与民企迅速发展加之政府政策扶持,共同推动海外并购主体的多元化;国内的利好政策及金融环境的变化推动海外并购规模的改变;企业自身经济实力增强及需求的改变和目标国政策变化促进并购区位的选择改变;产业结构调整、国内资源供需不平衡以及顺应科技发展的要求引起并购行业选择变化。继原因分析之后,本文结尾将对我国企业海外并购的发展提出相应的启示和建议:第一,推动并购主体多元化,加强对民企的支持力度及加快国企改制;第二,加强政府政策对海外并购的助推作用;第三,企业根据自身情况选择合适的区位投资策略;第四,推动并购行业选择多元化等。希望通过各方面的努力,共同促进未来海外并购的蓬勃发展。47385

毕业论文关键词:海外并购;并购主体;并购规模;并购区位;并购行业

ABSTRACT

In recent years, China’s economy has been developed rapidly with its foreign direct investment soaring from $2 billion in 1995 to $102.89 billion in 2014. With the development of economy in our country, more enterprises begin to carry out overseas acquisition. It made the overseas merger and acquisition (M&A) been the main mode of China’s foreign direct investment, at the same time, it has changed accordingly. So, this paper aims to compare and contrast the changes in the last two decades, namely 1995—2004 and 2005—2014, from dimensionalities like the mergers and acquirers as well as the scale, the location and the fields of M&A. By detailed description, this paper tends to highlight the new trends of overseas M&A. For example,the mergers and acquirers become persified; The transaction amount and scale continue to expand; The new trends of market selection emerge; And the M&A targets spread throughout various fields. In addition, tentative reasons behind these changes are explored in this paper: a) The restructuring of state-owned enterprises and private enterprises have been developed rapidly owing to its own competitive advantages and the support from the central government, they two jointly promote the persification of overseas M&A; b) The changes of domestic policies and financial environment promote the expansion of the scale of overseas M&A; c) The ever-increasing economic strength of enterprises and their needs to expand as well as policy changes in the target countries lead to the location changes of overseas M&A; d) Industrial reconstructing, the imbalanced need and supply of domestic resources as well as the needs for development of science and technology cause the changes in fields of overseas M&A. After description and analysis, this paper offers some advices for China’s overseas M&A: a) the government should encourage the persification of mergers and acquirers by providing more support to private enterprises and accelerate reconstructing of state-owned enterprises; b) we should strengthen the role the government policies have played on overseas M&A; c) enterprises should choose the appropriate strategy for investment location; d) we should cover more fields of M&A. It is hoped that the overseas M&A will enhance a promising future through joint efforts from multiple hands.  我国企业海外并购演变趋势原因及启示研究:/kuaiji/lunwen_49327.html

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